Lloyds Banking Group opens a probe into its currency trading

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LLOYDS Banking Group said yesterday it has opened an internal probe into its own currency trading after regulators started investigating possible manipulation in the market.

“We are aware that a number of regulatory and enforcement authorities are investigating foreign exchange trading and, as a result, we believe it is prudent to review our own foreign exchange trading over recent years and have commenced such a review,” the bank said in a statement.

It said it would report anything it finds to the relevant authorities and assist them as requested.

The bank’s statement comes days after HSBC confirmed during its results that it was co-operating with the Financial Conduct Authority in its investigation of the global foreign exchange market.

Several banks, including Barclays and UBS, have said they were cooperating with regulators investigating possible manipulation.

Some firms have suspended staff while they examine their trades.

At this stage, Lloyds is not part of the investigation, a person familiar with the matter said.